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Indian Indices Erase Gains; Sensex Falls Over 900 Points from Day's High
Thu, 16 Jun 12:30 pm

Indian Indices Erase Gains; Sensex Falls Over 900 Points from Days High

Share markets in India have erased all the early gains and are presently trading on a volatile note.

Benchmark indices opened higher as investors cheered an expected 75 bps rate high, but soon erased gains tracking peers.

A rally in Asian stock markets and US equity futures fizzled out, hampered by the prospect of sustained interest rate hikes by the US Federal Reserve to bring inflation under control.

Federal Reserve Chair Jerome Powell said super-sized interest-rate hikes will be rare following the central bank's biggest increase in borrowing costs since 1994.

In an interview earlier this week, Jim Rogers had said that the market may perceive a 75 basis point-Fed rate hike as good news for a while, as the sharp rate hike could make it believe the worst is over. He went on to add that "the worst is not over yet.

In opening trade today, the BSE Sensex rallied as much as 550 points while the broader NSE Nifty topped 15,860-mark.

Presently, the BSE Sensex is trading down by 301 points. Meanwhile, the NSE Nifty is trading down by 109 points at 15,580 levels.

Broader indices also came under pressure as the BSE midcap and smallcap index fell over 1.2%.

All sectoral indices were trading in green in the morning, but the case is exact opposite now. All sectoral indices are trading in red with stocks in the telecom sector and metal sector witnessing maximum selling pressure.

Among individual stocks, ITC share price is in focus as it gained 1% in a weak market.

Meanwhile, shares of Tech Mahindra hit a one-year low today. Tech Mahindra is continuously falling and has almost halved from its 52-week high level of Rs 1,838 following weak margins during the recent quarter.

In this uncertainty, check out these 5 fundamentally strong companies which pay regular dividends and are undervalued.

Also take a look at this dividend aristocrat stock which has consistently rewarded its shareholders over the years.

Meanwhile, check out the results of a poll we conducted recently asking readers what's their course of action in this market.

Not surprisingly, majority of people seem to be buying the stock market dip.

More details to follow in the upcoming commentary.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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